Ikarian Capital, LLC

CIK 0001778253 · Q2 2026

13F Equity AUM

$921.5M

-24.6% QoQ

Positions

137

-2 QoQ

AUM Rank

#3,540

Top 28%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,901 · Top 47%

vs S&P -7.8%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 33.6%Top 10: 47.4%Top 20: 63.7%

ABVX13.3%

ISI6.0%

KOD5.4%

XBI5.2%

ALMS3.8%

PRAX3.4%

MRNA3.0%

CAPR2.5%

PCVX2.5%

BSFA2.4%

Others (127)52.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare91.5%

Financial Services5.9%

Unclassified2.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 137Median: 0.25%Avg: 0.73%

0–0.5%

86(12.4%)

0.5–1%

25(17.0%)

1–3%

19(30.6%)

3–5%

3(10.2%)

5%+

4(29.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 137vs 20 funds

0%Low

137

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New29Increased21Decreased35Exited31

New Positions

MRNA3.0%

+400K

RCUS1.7%

+505K

COGT1.6%

+370K

NEWAMSTERDAM PHARMA …1.5%

+400K

CCCC1.2%

+2.4M

QTTB0.9%

+630K

VRDN0.8%

+425K

HIMS0.7%

+188K

KZIA0.6%

+396K

SLS0.6%

+355K

Increased

PRQR0.7%

+1.9M(+130%)

RZLT0.5%

+919K(+5574%)

CRDL0.4%

+600K(+22%)

ABVX13.3%

+569K(+162%)

PALI0.2%

+475K(+173%)

ISI6.0%

+461K(+193%)

BHVN1.2%

+336K(+81%)

PMN0.3%

+150K(+273%)

VERA1.8%

+110K(+40%)

CNSP0.1%

+90K(+196%)

Decreased

CNTB1.2%

-994,552(-18%)

CMPS0.0%

-660,000(-98%)

OVID0.7%

-625,000(-22%)

OLMA0.8%

-564,800(-49%)

RLMD1.6%

-540,000(-20%)

XBI5.2%

-500,000(-63%)

AVTX0.2%

-469,817(-84%)

BMY0.3%

-457,500(-92%)

HROW0.6%

-407,272(-75%)

EPRX0.6%

-405,000(-33%)

Exited

-2,656,378

-1,242,472

-100,000

-200,000

-258,142

-400,000

-242,021

-344,123

-1,653,435

-64,626

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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